Canadian Overseas Petroleum Ltd Announces Operations and Production Update

Source: 6/5/2023, Location: North America

Canadian Overseas Petroleum Limited and its affiliates ("COPL") (XOP)(COPL), an international oil and gas exploration, production and development company with production and development operations focused in Converse and Natrona counties, Wyoming, USA, is pleased to give an update on its operations and recent oil production.

Operations Update
- Three conversions of BFSU flowing wells to pumping-flowing wells have been completed;
- Production from the first converted well in the program is up 110% from pre-conversion levels. The well was converted in mid-April, with stable production averaging 190 Bbl./d in the month of May, up from an average of 90 Bbl./d flowing excluding downtime periods pre-conversion.
- The second well is producing oil above pre-conversion levels but is not yet stable. Paraffin treatment schedules are being evaluated which are intended to bring stability along with enhanced production levels.
- Both of the first two wells in the program experienced significant downtime in flowing configuration from Q3-2022 to Q2-2023 due to paraffin plugging. The conversions accompanied with scheduled paraffin treatment programs are intended to maximize production from these wells and eliminate production interruptions.
- Conversion operations on the third well were completed just days ago, with the well returning to production on May 31.
- Oil production is increasing from the well conversions and the resumption of the Company's production optimization program after weather-related disruptions in Q1-2023.
- April 2023 average gross production: 1,170 Bbl./d
- May 2023 average gross production:1,330 Bbl./d
- April and May production includes production downtime as COPL America undertakes well conversions to pumping-flowing, wellhead upgrades and paraffin remediation treatments. Production is expected to increase from these wells following these conversions and proactive paraffin treatments.
- The initial phase of the second Cole Creek Unit ("CCU") recompletion for Frontier 1 oil production has been completed;
- The well has been perforated with oil inflow observed on perforation. The Company is evaluating options for stimulation of the perforations, and the timing of these, in conjunction with its JV discussions.

Arthur Millholland, President and CEO commented:
"The Company is progressing on all fronts outlined in our last Operations Update. We are pleased with the progress on the construction of our Gas Gathering System Upgrades and are fortunate to have been able to acquire the necessary high-pressure production equipment we require here in Alberta, avoiding supply chain and long lead times in the United States. The results from our first well conversion have so far exceeded our expectations. Production from the converted wells takes time to settle down to design and implement a well specific paraffin treatment regime. We are active on all fronts and will continue to update the market."

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